Raymond James Picks Up Merrill Vet in Boca
Merrill Lynch boasted Monday that advisor attrition is at record lows despite its decision to remain in the Protocol for Broker Recruiting, but don’t tell that to Scott D. Sullivan.
The broker, who spent the last decade of his 33-year career at Merrill and was at Smith Barney for 22 years before that, joined Raymond James & Associates on April 5 in Boca Raton, Fla., according to his BrokerCheck history. Sullivan had overseen more than $200 million in customer assets, though some may be tied up in joint production agreements, according to sources familiar with his practice.
Sullivan, who moved alone, was a senior vice president at Merrill Lynch, according to his firm web page. The title generally is bestowed on brokers who generate $1 million in annual production credits or $1.5 million in revenue. Sullivan declined to discuss his practice or his reasons for leaving the wirehouse model for RayJay’s employee channel.
The Florida-based firm has been aggressively recruiting brokers from larger firms, leading with promises of giving them greater autonomy in running their practices. It has been particularly successful with Merrill brokers this year.
Earlier this month RayJay hired a northern California broker to run its branch in Modesto, in March it recruited a $1.2 million producer in Wilkes-Barre, Penn., to its independent brokerage channel in Wilkes-Barre, Penn, and In January it convinced a million-dollar Merrill broker in Boston to come to its employee channel.
Merrill remains a member of the Protocol for Broker Recruiting—unlike Morgan Stanley and UBS—making it more vulnerable to smaller firms who can recruit from its ranks without fear of having a broker’s practice delayed by courtroom restraining order battles.
Spokespeople for Raymond James and Merrill Lynch did not respond to requests for comment.